This site, however, suggests that a silent reading of the book is definitely faster than watching the non-extended editions, although this was approximating the length of the third film.

Best thing about that article is it lead me to something I'd never seen before: http://lotrproject.com/ So much interesting stuff there.

(FWIW, I'm sure I could read The Hobbit in under 4 hours without undue effort. With joy, even, which is not the word that comes to mind considering the prospect of watching those movies again.)

__________________From without the World, though all things may be forethought in music or foreshown in vision from afar, to those who enter verily into Eä each in its time shall be met at unawares as something new and unforetold.